There are now 93,985 more “property millionaires” in Britain compared to 12 months ago, according to a report by property website Zoopla.co.uk. The 31 per cent leap means there are now 393,127 properties in Britain worth more than one million pounds.
As might be expected, London had the highest number of million-pound-plus properties, with 61 per cent of the share.
There remain concerns that the property market is overheating, particularly in London where prices have risen 12 per cent over the last 12 months.
Fears of a housing bubble outside the capital and south east are substantially less. Nationally, property prices have increased by just 5.5 per cent, although this figure is inflated by London increases.
Non-UK residents will pay Capital Gains Tax on property sales from April 2015 in an effort to cool the market, particularly in London.
The highest number of property millionaires are located in Kensington and Chelsea, where 41,393 properties are worth a million or more.
Outside the capital, the Surrey postcode area of GU25 had the most millionaire properties, at 32%. The total number of South East property millionaires is now 82,614, a rise of 21,028.
At the other end of the spectrum, Wales had just over 1,000 property millionaires. While this sounds modest, there has been a rise of 24% across Wales in bricks-and-mortar millionaires.
Zoopla.co.uk’s Lawrence Hall said: “While Government schemes such as Help to Buy have concentrated popular attention on the lower rungs of the property ladder this year, there’s been a hive of activity propelling house price growth at the top-end of the market.”
Some of those among our landlord and buy to let property insurance customers will no doubt be taking note of the rises, especially if they plan to expend their portfolios in 2014.